SHANA - The National Development Fund of Iran (NDFI) will be tapped for a 260-million-Euro loan for completing the remaining phases of Bandar Abbas Gas Condensate Refinery Project, an official said.

Managing Director of the National Iranian Oil Refining & Distribution Company (NIORDC) Alireza Sadighabadi said on Sunday that the refinery must reach full productivity by March 2019 (end of the next Iranian calendar year of 1397), adding the NDFI will be dipped into for financing the project.

The refinery is the only one in the world that is fed by gas condensate and can supply 36 million liters of Euro-5 gasoline, he said.

He said the facility is expected to process 75% of its throughput into value-added quality items which is unprecedented in the refining industry.

Sadighadbadi said the Bandar Abbas Gas Condensate and Oil refineries alone account for satisfying nearly 50% of Iran's demand for gasoline.

The second phase of the project is being developed to become a major source of income for the country, the NIORDC CEO added.

"Iran will earmark no budget for gasoline imports next [calendar] year (which begins on March 21), which means the project must come on-stream as soon as possible," he added.

The official further said that the facility is expected to process 75% of its throughput into value-added quality items which is unprecedented in the refining industry.